PROVIDENCE – HarborOne Bank’s holding company, which bought Rhode Island’s Coastway Community Bank last fall, plans to raise between $200 million and $300 million in a stock offering this spring as part of HarborOne’s plan to go fully public.
HarborOne depositors as of February 2018 will have the first chance to buy the company’s stock at $10 a share on the Nasdaq Stock Market during the offering, likely in June, HarborOne CEO James W. Blake said in an interview Tuesday with the Providence Business News.
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It will be a “second-step” offering following the Brockton, Mass.-based bank’s initial offering in 2016, which raised $144 million, but kept about 53 percent of its stock privately-owned, Blake said.
HarborOne plans to notify its customers in May of the upcoming second offering. If any stock is left to be sold after that, the bank will schedule another offering open to the general public, Blake said.
HarborOne initially was a credit union, but it converted to a bank in 2013.
Blake said the upcoming offering is needed to raise capital for the bank’s growth in recent years, which included the opening of a loan production office in Boston and a branch bank in Stoughton, as well as last fall’s $125.6 million all-cash acquisition of Warwick-based Coastway Bancorp. Inc.
“We’ve been very pleased with the acquisition of Coastway,” he added. “It’s a great market” in Rhode Island. “It’s very similar to Massachusetts.’
Scott Blake is a PBN staff writer. Email at Blake@PBN.com
